Invest in the Future. Transform it now.
Top notch financial ratings from leading rating agencies
Moody's, Scope Ratings and Standard & Poor's have assigned triple-A ratings to KfW
MOODY'S
Largest public development bank
with strong capitalization, solid asset
quality and conservative risk profile
Aaa Outlook stable
Short-term: P-1
KfW's strengths
Strong ownership support in the form of a
direct guarantee from the German
government.
Low liquidity risk, given the good market
access and fallback options.
Low asset risk from the bank's domestic
promotional lending business.
Mandatory profit retention safeguards strong
capitalization.
Last update: September 2023
SCOPE
Solicited Ratings
Strong and explicit linkages
between KfW and the Federal
Republic of Germany
AAA Outlook stable
Short-term: S-1+
KfW's strengths
Explicit and direct statutory guarantee and
institutional liability from the Federal Republic
of Germany.
KfW operates in a prudent manner and
complies with capital and risk management
requirements.
Access to capital markets is very good and
sustainable.
Last update: May 2023
STANDARD
& POOR'S
Key national development bank
with a crucial role for executing key
German economic policies
AAA Outlook stable
Short-term: A-1+
KfW's strengths
Timely and sufficient extraordinary support
from German government.
Integral link with the government.
Explicit guarantee from the German
government of KfW's financial liabilities.
Legal maintenance obligation and dedicated
role as key national development bank.
Agent of choice for many financial support
operations.
Unsolicited Ratings
Fitch Ratings
KfW's strengths
Direct and unlimited statutory guarantee
and maintenance obligation drives ratings.
Broad and long-lasting policy role to
support the government's objectives.
AAA Outlook stable
Creditreform C
Rating
KfW's strengths
Maintenance obligation of the German
government.
High asset quality & low default rates.
Stable annual net income.
Diversified, low-interest funding.
Last update: Aug 2023
AAA Outlook stable
KfW's top credit standing is recognized by the three mandated rating agencies and by further unsolicited agencies
Last update:
Feb 2023
Last update: Dec 2022
A rating is not a recommendation to buy, sell or hold securities. Ratings are subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating.
KFW Invest in the Future. Transform it now. / November 2023
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